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Wednesday, 02 March 16
OIL MY GOD.....!!!!
 OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had been providing the world with about 2million barrels a day more than what demand supported.
Today oil is trading at its 12 year low, 70% down today since mid-2014. Low oil prices might be welcome by consumers and businesses, but economies, financial markets, oil and gas producers, are not on the same side of the table. We feel the need to focus on the present OPEC talks about a possible cut back in production so to lift prices off the low levels of today. Last week, Saudi Arabia and Russia the world’s biggest oil producers joined Venezuela, Kuwait and Qatar in an agreement to cap output. As per talks, all countries agree to cut back their respective production, with the prerequisite that this will be a unanimous decision by all.
It is very uncertain if Iran would participate in such decision, as finally being in a post-sanctions era, the country will try to regain market share and that will surely involve growing production. True expectation from this action is to find a better equilibrium and to match supply with demand as today supply still exceeds demand and record global oil stockpiles continue to mount. A production freeze would not create an immediate price shock, however if an agreement comes into place soon, we should see oil prices correcting upwards sometime in the 2nd half of this year.
Moving on to our industry, it is no secret that tankers have been enjoying great rates because of increased oil demand, while they have been also benefiting from low bunker prices. Bulkers, despite suffering severely due to low freights, have pretty much found a lifejacket in the form of low bunker costs, although –something that is not often said - slow steaming is no longer slow, which in itself has been weighing down on rates.
Although the effects of low oil prices on both tankers and bulkers have been widely discussed, little has been said for the positive effects that the Passenger and Ro-Pax sectors have been enjoying. About two years ago, bunker expenses where accounting for more than 65% of their voyage operating costs. Today that bunkers have been reduced by 70%, these costs represent about 20% of the present voyage costs.
Needless to say that currently and without taking into consideration any increase in demand for their services nor any increase in car/truck and passenger traffic, these ships have had a significant improvement in their generated net profits. On top of that, there is a lack of tonnage available particularly in the 110-130m LOA size and also in the 2,000-2,500 passenger capacity and 2,000-3,000 lane meter garage space. Not many ships were built post 2000 as prevailing bunker prices then made operation of these ships marginally profitable or non-profitable at all. Values of existing ships have increased, as the cash flow generated is attractive and lacking any replacement candidates.
To put it simply; the cost of replacement is practically the cost of building a new ship! All these factors have boomed the Ro-Pax business both domestically here in Greece as well as internationally and the prospects for this niche market seem very positive for the future times ahead. Interest is there to invest and also to build new ships based on LNG fueled and other innovative ship design developments.
By John N. Cotzias
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
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- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Australian Coal Association
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
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